Did you know that, if you are at least 70½ years old, you can make tax-free charitable donations directly from your IRA? Making a Qualified Charitable Distribution (QCD) can exclude up to $100,000 annually from gross income while benefitting your favorite charity. These “charitable IRA rollovers” are gifts that would otherwise be taxable IRA distributions!
Protect Your Estate When Exemptions May Sunset In 2025
No matter how wealthy you are —human nature tends to make us put off attending to important matters. But this is no time to ignore the fact that the TCJA lifetime estate and gift tax exemption will sunset in 2025. We have another election coming up in 2024, and clients shouldn’t get comfortable with wishful
IS A 1031 Exchange Right For You?
What is a 1031 Exchange? It is a way to leverage your gains. It allows sellers of investment or business-use real estate to defer paying capital gains, and depreciation recapture taxes, when they use the proceeds of the sale to purchase one or more additional pieces of investment or business-use real estate. IRS Code 1031
TIPS TO SAVE TAX WHEN SELLING YOUR HOME
Be tax savvy when selling your home. Many people sell their homes at this time of year and move over the summer months to be sure and get their kids into school at a new location by September. Many retirees also sell and move over the Summer because it easier when the weather is clement.
TAX PLANNING MAY MEAN YOU KEEP MORE OF WHAT YOU MAKE
Making more money does not always have to mean paying more taxes, but you do need a plan, and more than just a prediction. Whether you are an individual or a business owner, don’t wait till yearend like most folks, when it is generally too late to do much, focus on what you can do
ULTIMATE BUSINESS CONTINUITY AND DISASTER PLANNING GUIDE
ULTIMATE BUSINESS CONTINUITY AND DISASTER PLANNING GUIDE It is essential for business owners to be proactive in preparing for pandemics, hurricanes and other unpredictable disasters. Everything from severe winter storms, to a flood or wildfire, a supply chain failure, a serious SARS or flu epidemic, even an act of terrorism can put your business at
SECURE 2.0 Act Pros and Cons, Winners and Losers
Americans simply aren’t saving enough for retirement. Retirement plans are one of the top benefits you can offer to your employees. And thanks to incentives for employers in the SECURE 2.0 ACT there has never been a better time to start a retirement plan, creating a positive impact on employees and help make saving for
April 2023 Brings RMD Deadline For Many
RMDs are usually made at year end, but folks who turned 72 years old in 2022 are now covered by a new rule that allows the first required minimum distribution to be delayed until April 1st of 2023. For all years following the first year, RMDs have to be made by December 31st. So if
Retirement Plan Limits Rise for 2023 and IRA Contributions Continue Thru April 18th
Have you heard the good news? The IRS announced late last year that individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The catch-up contribution limit for aged 50 and over is increased to $7,500, up from $6,500. This means if you are 50 yrs or
IRS ERC Scam Crackdown Continues
Is the ERC now in the rearview mirror? Not really, it remains as hot as ever in the tax-refund marketplace, and the truth is the IRS is gearing up its enforcement actions. Don’t think you are impacted? Think again! Unscrupulous tax representation firms are searching the internet for prospective clients and offering to split the